Property sales could sometimes get frustrating when proper strategies are not introduced. One of the reasons properties stay long in the market before being sold is sometimes due to the lackadaisical attitude of some realtors who rely solely on their banners or “for sale” signboards to do the magic.
If you must break through in the sales of property, you must think outside the box and try other means of disposing of the property rather than sit at a point and blame your village people.
The longer a property stays in the market the more unattractive it becomes in the eyes of prospects. Potential buyers go for properties everyone is eyeing, they always look out for properties with hidden value potentials, and so whenever there is a rush on a particular property, it’s an indication that such property has something of value.
Several things influence a rush on a property, these are;
The Position of the Property:
Properties on flat surfaces attract more buyers than ones on sloppy areas. Also, potential buyers have preferences for properties located on corner pieces that is, properties that are double-faced (accessible from two different streets).
Size of the Land:
Depending on the purpose of purchase and the asking price for a property, most buyers prefer larger land areas to accommodate proposed developments and possibly make shifts, annexes, or ample forecourt.
The Shape of the Land:
Lands with square shapes tend to attract attention than irregularly shaped land.
People always go for landed properties that have future development potential. Most people buy to build immediately rather than buy and keep for years before building on them hence, they seek to buy properties with the most economic advantages in a particular neighborhood.
A certificate of Occupancy (C of O) represents an excellent title, and the Deed of Assignment, Power of Attorney, Allocation papers, etc. represent good titles. Investors go for properties with excellent titles to reduce the stress of applying for C of O at the Ministry of Lands after purchase. Land with a Certificate of Occupancy usually commands more price compared to others.
Proximity to the Market, School, and Work Place:
To save the cost of transportation and distance from work and children’s schools. People tend to purchase houses that are close to major service points or markets for ease of movement and cost-effectiveness.
Neighbourhoods with good security arrangements attract more potential buyers than areas with a security challenge. Likewise, buyers avoid neighbourhoods with a history of security breaches imminent terrorist attacks, or communal restiveness.
Good Road Network:
When a property is accessed through a network of tarred roads in an excellent state of repairs, it becomes easy to market to potential buyers. Inspecting the property is easy while the decision to buy gets quicker.
When a property is brought out for sale under duress or the owner wants to quickly dispose of it, the offers tend to be more attractive to buyers since the asking prices are usually lower than the market price if allowed a reasonable time in the market to fetch a suitable buyer. Buyers rush such sales and possibly resell at the best market price to make a profit afterwards.
To sell a property quickly, the seller should engage professional estate surveyors and valuers who deal in sales rather than roadside agents to attract serious and willing buyers who often are contacted directly from their existing request portfolios or contacts.
Other ways of selling off your property quickly are; displaying “To Sell” boards on the house and engaging digital marketers to design flyers and display ads on social media to be seen by potential individual and corporate buyers. The seller can also contact close family and friends to reach out to their contacts who are likely to buy the property.
Contacting real estate investors who buy properties to resell at higher prices will be a good start to sell off your property quickly. In Nigeria, politicians, Nigerians in the diaspora, and real estate speculators are the most likely targets for quick sales.